Pop Quiz: How Well Do You Understand Trust Accounting?

The bar exam and your professional responsibility class are ancient history. You’re not an ethics lawyer, and you don’t file legal malpractice suits. All the more reason we want to spring this pop quiz on you!

Q1: Which of these funds do not belong in your clients’ trust accounts?

1. Earned fees

2. Personal funds

3. Real estate escrow funds, such as a down payment on a house

4. Your firm’s operating funds

5. Personal injury settlements

6. Collections

7. Retainers and advances

8. Other settlements and judgments

A1: Numbers 1, 2, 4, and perhaps 7—depending on whether the retainers and advances have been earned.

Q2: How do you make sure this actually happens, so that you keep your nose clean at all times?

A2: Get an all-in solution like Easy Soft’s Easy TimeBill and Easy Trust. Our trust accounting software gets you in compliance and prepared ­for a knock on the door from random bar auditors—at all times.